Footwear retailer DSW Inc (NYSE:DSW) hot-footed it higher in pre-market trading after releasing sparkling second quarter results.
Sales in the second quarter were up 3.3% year-on-year to US$680.4mln. Like-for-like sales were 0.6% higher.
"We were pleased to report our first positive comp [comparative] quarter since 2015. This resulted in a healthy increase in regular priced sales and improvements across all selling metrics,” said Roger Rawlins, chief executive officer said.
Earnings per share of 38 cents were nine cents above the market's expectations. The shares, which were up 20% at US$18.86 in screen-based trading, were also boosted by news of a US$500mln stock buy-back.
House builder Toll Brothers Inc (NYSE:TOLL) was little changed after a mixed update.
Toll saw its fiscal third quarter earnings beat forecasts, but its shares were slightly lower in pre-market trading reflecting a fall in average delivered house prices due to a change in the product mix.
The NYSE-listed firm reported net income of US$148.6mln, or 87 US cents a share in the third quarter to end July, up from US$105.5mln, or 61 US cents a share a year earlier, easily beating expectations of 69 US cents a share.
While shares in old school retailer Macy's were enjoying a boost from last night's announcement that senior eBay executive Hal Lawton is to be its new president, sector peer J C Penney Company Inc (NYSE:JCP) advanced 1.4% to US$3.62 in pre-market trade after it unveiled a new children's bedding and decor brand, Frank + Lulu.
In other retail news, Kohl's Corporation (NYSE:KSS) is responding to the “little and often” shopping trend with its plans to open four small format stores this quarter and fifth e-commerce fulfillment center.
Meanwhile, sector peer Sears Holdings Corp (NYSE:SHLD) has entered into two licensing agreements covering its Kenmore and DieHard branded products.
Cleva North America will manufacture Kenmore and Kenmore Elite vacuums and accessories for distribution at retailers worldwide, while Dorcy will manufacture DieHard Alkaline batteries and flashlights for distribution in the US, Puerto Rico and the Caribbean plus Latin America and some locations in the South Pacific.